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Boating Industry has obtained court records that state Premier Marine, Inc. has filed for Chapter 11 bankruptcy.
Filed on June 19, the claim estimates 200-999 creditors, $10-50 million in assets and $10-50 million in liabilities. Funds will be available for distribution to unsecured creditors. Among its largest creditors are Infinity Woven Products, Dowco Plastics, Lippert Component and Quality Metals.
Unlike Chapter 7 and Chapter 9 bankruptcies, Chapter 11 bankruptcy gives Premier Marine a chance for a full restructure. Premier already has new agreements in place with most of its existing vendors.
"This is an opportunity to restructure operations and how the company was run," said Premier Marine to Boating Industry. "We're hoping this is the change we needed to pull things back on track."
The filing does not change the manufacturer's ability to deliver orders.
“The really good news is we still have a lot of orders in-house to the tune of 300-400 sold retail boats. So sales and orders are not the problem, it’s just reramping up production and parts and inventory back up to levels that will support our production,” Premier Marine said. "Having the retail customers and the dealers not cancel the orders as this process unfolded shows that the product is ... strong."